XML 60 R34.htm IDEA: XBRL DOCUMENT v3.23.3
DEBT AND CREDIT FACILITIES (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
The following represents a summary of our long-term debt:
(In millions)
Debt Instrument
Issuer1
Annual Effective
Interest Rate		September 30,
2023		December 31,
2022
Senior Secured Notes:
6.750% 2026 Senior Secured Notes
Cliffs6.990%$829 $829 
Senior Unsecured Notes:
7.000% 2027 Senior Notes
Cliffs9.240%73 73 
7.000% 2027 AK Senior Notes
AK Steel9.240%56 56 
5.875% 2027 Senior Notes
Cliffs6.490%556 556 
4.625% 2029 Senior Notes
Cliffs4.625%368 368 
6.750% 2030 Senior Notes
Cliffs6.750%750 — 
4.875% 2031 Senior Notes
Cliffs4.875%325 325 
6.250% 2040 Senior Notes
Cliffs6.340%235 235 
ABL Facility
Cliffs2
Variable3
325 1,864 
Total principal amount3,517 4,306 
Unamortized discounts and issuance costs(59)(57)
Total long-term debt$3,458 $4,249 
1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 Our ABL Facility annual effective interest rate was 7.148% and 5.602%, respectively, as of September 30, 2023 and December 31, 2022.
The following represents a summary of our borrowing capacity under the ABL Facility:
(In millions)September 30,
2023
Available borrowing base on ABL Facility1
$4,750 
Borrowings(325)
Letter of credit obligations2
(94)
Borrowing capacity available$4,331 
1 As of September 30, 2023, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, workers' compensation, operating agreements, employee severance, environmental obligations, and insurance.
Schedule of Maturities of Long-term Debt
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2023 (in millions):
2023 2024202520262027ThereafterTotal
$— $— $— $829 $685 $2,003 $3,517